# Groneck-Kaufmann Replication & Sample Expansion

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| A1: GK15 Z (no BS) | log_reer_combined | 288 | 15 | 0.098 |
| A2: GK15 Z + BS | log_reer_combined | 288 | 15 | 0.137 |
| A3: GK15 age ratios + BS | log_reer_combined | 288 | 15 | 0.126 |
| A4: OECD38 Z + BS (≤2009) | log_reer_combined | 643 | 37 | -0.029 |
| A5: GK15 Z + BS (full period) | log_reer_combined | 498 | 15 | -0.025 |
| A6: OECD38 Z + BS (full) | log_reer_combined | 1,161 | 37 | -0.073 |
| A7: non-OECD Z + BS | log_reer_combined | 1,856 | 62 | -0.006 |
| A8: Global Z + BS | log_reer_combined | 3,017 | 99 | 0.012 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| A1: GK15 Z (no BS) | Z_1 | -0.2343 | 1.4689 | 0.8734 |  |
| A1: GK15 Z (no BS) | Z_2 | 0.0166 | 0.2005 | 0.9341 |  |
| A1: GK15 Z (no BS) | Z_3 | -0.0001 | 0.0077 | 0.9932 |  |
| A2: GK15 Z + BS | Z_1 | -0.5956 | 1.5433 | 0.6998 |  |
| A2: GK15 Z + BS | Z_2 | 0.0591 | 0.2067 | 0.7751 |  |
| A2: GK15 Z + BS | Z_3 | -0.0015 | 0.0078 | 0.8500 |  |
| A2: GK15 Z + BS | log_gdp_pc | -0.0596 | 0.1035 | 0.5653 |  |
| A3: GK15 age ratios + BS | old_dep | 0.4754 | 0.5465 | 0.3851 |  |
| A3: GK15 age ratios + BS | youth_dep | -0.7173 | 0.7145 | 0.3163 |  |
| A3: GK15 age ratios + BS | log_gdp_pc | -0.0618 | 0.0947 | 0.5146 |  |
| A4: OECD38 Z + BS (≤2009) | Z_1 | 4.1539 | 1.2458 | 0.0009 | *** |
| A4: OECD38 Z + BS (≤2009) | Z_2 | -0.5880 | 0.1740 | 0.0008 | *** |
| A4: OECD38 Z + BS (≤2009) | Z_3 | 0.0223 | 0.0067 | 0.0010 | *** |
| A4: OECD38 Z + BS (≤2009) | log_gdp_pc | 0.2833 | 0.0488 | 0.0000 | *** |
| A5: GK15 Z + BS (full period) | Z_1 | -2.1684 | 1.1818 | 0.0671 | * |
| A5: GK15 Z + BS (full period) | Z_2 | 0.3052 | 0.1503 | 0.0429 | ** |
| A5: GK15 Z + BS (full period) | Z_3 | -0.0119 | 0.0054 | 0.0292 | ** |
| A5: GK15 Z + BS (full period) | log_gdp_pc | -0.0670 | 0.0811 | 0.4087 |  |
| A6: OECD38 Z + BS (full) | Z_1 | 0.8869 | 0.7816 | 0.2567 |  |
| A6: OECD38 Z + BS (full) | Z_2 | -0.1059 | 0.1057 | 0.3168 |  |
| A6: OECD38 Z + BS (full) | Z_3 | 0.0032 | 0.0040 | 0.4168 |  |
| A6: OECD38 Z + BS (full) | log_gdp_pc | 0.1819 | 0.0325 | 0.0000 | *** |
| A7: non-OECD Z + BS | Z_1 | -1.2871 | 0.4806 | 0.0075 | *** |
| A7: non-OECD Z + BS | Z_2 | 0.1656 | 0.0712 | 0.0201 | ** |
| A7: non-OECD Z + BS | Z_3 | -0.0060 | 0.0029 | 0.0395 | ** |
| A7: non-OECD Z + BS | log_gdp_pc | 0.0335 | 0.0196 | 0.0885 | * |
| A8: Global Z + BS | Z_1 | -1.2411 | 0.3730 | 0.0009 | *** |
| A8: Global Z + BS | Z_2 | 0.1619 | 0.0539 | 0.0027 | *** |
| A8: Global Z + BS | Z_3 | -0.0060 | 0.0021 | 0.0052 | *** |
| A8: Global Z + BS | log_gdp_pc | 0.0452 | 0.0150 | 0.0025 | *** |

*GK15 = AUS/AUT/BEL/CAN/DNK/FIN/FRA/DEU/ITA/JPN/NLD/NOR/SWE/GBR/USA. BS control = log(GDP per capita PPP).*